Indemnity bonds covering dishonesty and assuring faithful performance of duty shall be obtained on the officers, clerks, deputies and employees of the city, and in the amounts as follows:
(1) Director of finance, one hundred thousand dollars ($100,000.00).
(2) Public employees faithful performance blanket position bond to cover all other city officers and employees in the amount of ten thousand dollars ($10,000.00) each, with additional excess coverage on positions or departments as shall from time to time be required and ordered by the city manager.
(1953 Code, ch. 2, § 57)